Idea is based on a combination of Elliot wave theory and median line analysis. In addition a simple RSI strategy is used to indicate price action's behaviour. The rationale behind this technical analysis is shown on the chart along with specific targets and stop loss. Good luck guys!
The nearest support I can spot only at 0.9346... lets see how it goes
NQunlocked
⋅
That depends on how you identify resistance and support. Personally I don't regard support and resistance lines to be flat but always within certain slopes. The dashed blue line (0.9368) is one of those. Time will tell :)
AlexandreFF
⋅
Too complex, keep it simple
NQunlocked
⋅
I like to combine orthogonal techniques like median lines and Elliot wave to get strong confirmation of 2 independent TA methods. It may seem complex but if one has a basic understanding of the application of these techniques then the ideas are really not that complex. Thanks for your suggestion!
greedycherry
⋅
Interesting but considering that there is strong resistance at 0.9390 area, the price is likely to continue going south, unless resistance is broken (on 4h chart)
NQunlocked
⋅
You are right about the strong resistance, however, when wave iii starts it can easily break it!. There is still room to the downside I agree, but I doubt we will go lower than the red median line, hence my stop loss placement (wave ii can't retrace beyond the start of wave i ( that clear green bar on the 4hr chart to the upside is good indicator for a start of a new bullish impulse wave!) Thank you for the input!